Jan 12, 2019

Manhattan Monthly Market Report | December 2018

Market Wide Summary

December sales activity declined to its lowest level since 2011, with condo activity dropping 19% annually and co-op activity dropping 4% annually. Changes in pricing metrics were mixed. Condo average and median price figures fell, while co-op price figures increased yearover-year.

Listed inventory continued the trend of annual increases, as both condos and co-ops saw year-over-year gains. Days on market fell for condos due to an improved market share of less expensive residences; the increase in days on market for co-ops was skewed upward by a few residences selling after being on market for over two years. Negotiability deepened for both condos and co-ops, each of which experienced average discounts exceeding 3.5% off last asking prices.

Condominium Market 

Snapshot In December 2018, there was a 19% decline in condo sales and pricing metrics varied. Average and median sale price figures de clined year-over-year as sales above $5M shrunk compared to December 2017. However, despite the decrease in sales above $5M, average price per square foot increased a modest 1% year-over-year due to an increase in market share of new development sponsor sales.

Price per square foot for two-bedrooms declined compared to last year as sales above $2M declined. Inventory continued to rise, and by the end of December 2018 was up 9% annually. Inventory has now risen year-over-year every month since August 2015. Average days on market fell 15% year-over-year due to a significant decrease in the number of residences that lingered on the market for over a year. As expected with rising inventory and less buyer urgency, average difference from last ask to sale deepened by 0.7% from last year to reach 4%

Cooperative Market 

Co-ops saw a less significant decline in contract activity compared to condos, but still fell 4% versus last December. Pricing metrics improved across the board with average and median sale price figures up 10% and 4%, respectively. These increases were driven by a notable decline in sales under $1M compared to last year. Meanwhile, average price per square foot improved 5% year-over-year as market share of sales shifted in favor of more traditionally expensive neighborhoods. 

Inventory rose year-over-year for the nineteenth consecutive month, up 28% at the end of December 2018. Days on market increased by 17% annually, skewed by two co-ops selling after being on market for over two years compared to none last year.

Total inventory in Manhattan continued to rise in December 2018, growing 16% annually. Typical of seasonality, overall inventory fell 13% from November 2018, to a total of 7,076 actively listed units. This was highest actively listed December inventory figure since December 2011. Townhouse inventory continued its steady year-over-year increase, up 13% versus December 2017

The number of sales transacting below their asking price has generally trended upward since 2015. In December 2018, 78% of sales traded below their asking price, a level not seen since 2012. In the current market, greater negotiability combined with the year-over-year inventory growth across the market suggest that negotiability will continue to be prevalent moving into 2019.


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